makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 04.04.2011 MONDAY

Monday, April 4, 2011

MARKET ENDED 04.04.2011 MONDAY

WERE TODAYS GAINERS

MARKET ENDED 04.04.2010 MONDAY

SENSEX 19701.73 +281.34

NIFTY 5908.45 +82.40

NASDAQ 2792.45 +19.87

UPDATEDTIME 09.28 PM 04 APRAIL 2011

Indian markets witnessed broad-based rally aided by capital inflows from foreign institutional investors and closed above psychological resistance levels. Capital goods, technology and auto stocks led the upmove while realty stocks ended marginally higher.

According to analysts, traders should avoid long positions near current levels as risk reward would not be favorable.

"Candlestick pattern on the daily chart indicates that the prior trend is losing momentum and, hence, a consolidation or minor pullback of the previous gains cannot be ruled out.

On the downside, indices have support at 19154 - 18894 - 18683 / 5748 - 5671 - 5548 levels. However, the weekly trend remains up and any move beyond 19576 / 5873 would lead the indices to test 19900 - 20217 / 5920 - 6060 levels.

Traders are advised not to form long positions at current levels, as risk reward would not be favorable. However, a pullback, if any, and a reversal near the support levels would give good opportunities to trade on the long side.

Bombay Stock Exchange's Sensex closed at 19701.73, up 281.34 points or 1.45 per cent. The 30-share index touched a high of 19729.60 and low of 19449.36 in today's trade.

National Stock Exchange's Nifty ended at 5908.45, up 82.40 points or 1.41 per cent. The broader index touched a high of 5918.70 and low of 5833.20 intraday.

BSE Midcap Index was up 1.67 per cent and BSE Smallcap Index moved 2.83 per cent higher.

Amongst the sectoral indices, BSE Capital Goods Index was up 2.38 per cent, BSE IT Index gained 2.18 per cent and BSE Auto Index advanced 1.83 per cent.

M&M (4.75%), Jaiprakash Associates (3.25%), BHEL (2.84%), HDFC Bank (2.78%) and TCS (2.70%) were the top Sensex gainers.

BHEL's provisional net profit for the year ended 2010-11 grew to at Rs 6021 crores against Rs 4311 crores in the same period a year ago. Turnover climbed to Rs 43451 crores from Rs 34154 crores a year ago.

Reliance Communications (-2.24%), Hindustan Lever (-1.62%), Cipla (-1.51%), Sterlite Industries (-0.37%) and Reliance Infrastructure (-0.30%) were amongst the top losers.

Shares of Reliance Communications were under pressures after CBI charge-sheeted some of its officials in the 2G spectrum scam.

Market breadth was positive on the BSE with 2437 advances against 477 declines.